'The game is rigged,' the former Trump administration official said.
"This is absurd. This is a scam. You're being scammed, just like you were being scammed on free trade," Bannon told his listeners.
He pointed to the rising deficit and argued that there are limited options to address the situation, saying that the U.S. can either cut spending, sell more bonds to foreign countries or raise taxes on the wealthy. He warned that Americans' grandchildren will have to pay the cost if difficult decisions aren't made now.
"Please don't sit there and tell me, 'No, I don't want to raise taxes.' Then stop the spending or just turn to your grandchildren and say, 'I'm condemning you,'" he said. Notably, Trump's signature legislative achievement was the 2017 Tax Cuts and Jobs Act, which largely benefited corporations and the wealthiest Americans. The Congressional Budget Office has estimated that these tax cuts will significantly reduce revenues and raise the deficit by $1 trillion to $2 trillion in the decade after their passage.reached out to Trump's office for comment on Bannon's remarks but did not immediately receive a response.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
From Beans to Burgers, Food Is Getting More ExpensiveSoup, Spam and Shake Shack burgers are all getting more expensive as food companies pass along higher costs to consumers
Read more »
How To Turn Down A Social Invitation Once You Can't Use COVID As An Excuse AnymoreYou're not alone if you're not looking forward to events. Here's how to gracefully excuse yourself without losing friends.
Read more »
24 Products With Before-And-After Photos Even We Were Impressed To SeeProceed with caution if you’re squeamish (a few of these are gnarly), and throw caution to the wind if you’re looking for that *one* product that’ll solve your worst problem.
Read more »
What is inflation? Hint: It’s not the 12% increase in rental-car prices last month'If you're someone who's going to the grocery store on a regular basis or even to the gas pump, and you're noticing that those prices are rising, that...
Read more »